This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ManTech Announces Financial Results For Second Quarter Of 2012

ManTech International Corporation (NASDAQ:MANT) ( www.mantech.com), a leading provider of innovative technologies and solutions for mission-critical national security programs, today announced financial results for the second quarter of 2012, which ended June 30, 2012.

“The defense services industry has experienced delays in contract awards and delays in funding based upon the uncertainty surrounding the congressional appropriation process, which we now expect to clear given the six-month Continuing Resolution agreed to yesterday according to the Washington Post,” said ManTech Chairman and Chief Executive Officer George J. Pedersen. “It now appears that government funding is secure through March 2013 at this year’s level, and we assume that customers will soon release funds that they have been holding, which will provide us the opportunity to return to a growth profile that investors have come to expect from ManTech over the past ten years. The award of the $2.85 billion MRAP contract, the largest contract award in our history, will provide a solid foundation and potential for growth despite future reductions of support in Afghanistan. We have grown our cyber and intelligence businesses over the past year, and we expect those markets to continue to grow. Looking beyond defense, we are expanding into new business areas such as healthcare IT and commercial cyber security. Our long-term outlook for growth remains positive.”

Summary Operating Results

Revenues for the quarter were $638.9 million, compared to $752.7 million in the second quarter of 2011. Quarterly revenues increased across intelligence, cyber security and healthcare programs, which partially offset industry-wide decreases in government spending, especially for support to wartime missions.

Operating income for the quarter was $44.9 million, compared to $59.2 million in the second quarter of 2011. Operating margin of 7.0 percent reflected a higher mix of direct labor and excellent award fees stemming from strong program execution. Net income for the quarter was $24.7 million, compared to $36.4 million in the second quarter of 2011. Diluted earnings per share for the quarter were $0.67, compared to $0.99 in the second quarter of 2011. Net income and earnings per share for the second quarter of 2011 benefited from a $3.7 million pre-tax gain from the company’s equity interest in NetWitness, a network security product provider spun out of ManTech in 2006 and sold to EMC Corporation on April 1, 2011. Without that gain, net income and diluted earnings per share for the second quarter of 2011 would have been $34.1 million and $0.93, respectively.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,654.77 +369.26 2.27%
S&P 500 1,987.66 +47.15 2.43%
NASDAQ 4,812.7080 +115.1720 2.45%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs